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WASHINGTON – Nov. 11, 2015 – The Federal Housing Finance Agency (FHFA) announced an expansion of the Neighborhood Stabilization Initiative (NSI) to 18 additional metropolitan areas around the country, including four in Florida: South Florida, the Orlando area, the Tampa area and Jacksonville.
Effective Dec. 1, local community organizations in the metro areas will be able to buy foreclosed properties owned by Fannie Mae or Freddie Mac before the general public has a chance.
FHFA, Fannie Mae and Freddie Mac jointly developed NSI through a partnership with Fannie Mae and Freddie Mac and the National Community Stabilization Trust (NCST). The pilot program launched initially in Detroit and was later extended to the Chicago metro area.
“The number of REO properties that Fannie Mae and Freddie Mac hold continues to decline nationwide, but there are still some communities in which the number of REO properties remains elevated,” says FHFA Director Melvin L. Watt. “Our goal is to take what we learned in Detroit and Chicago and apply it to these additional communities as quickly and efficiently as possible.”
Watt says “giving local community buyers an exclusive opportunity to purchase these properties at a discount, taking into account expenses saved through a quicker sale, is an effective way to give control back to local communities and residents who have a vested interest in stabilizing their neighborhoods.”
The 18 metropolitan areas designated for NSI expansion include:
Akron, Ohio

NEW YORK – Oct. 27, 2015 – Cash sales made up 30.8 percent of all home sales nationwide in July, down from 34.2 percent the same month a year ago. It’s the 31st year-over-year monthly drop in a row.

According to CoreLogic, cash transactions slipped 0.5 percentage points on a month-to-month basis. The five states where these deals were highest during July were Alabama (47.4 percent), Florida (44.7 percent), New York (42.8 percent), West Virginia (41.1 percent) and New Jersey (39.5 percent).

REO properties accounted for 56 percent of all cash home purchases. Cash deals for resales and short sales made up about 30.2 percent and 28 percent, respectively. All-cash sales of new homes, meanwhile, tallied 15.6 percent of the total sales volume in that niche.

Of America’s 100 biggest metro areas, Florida is home to all five markets with the greatest percentage of July cash sales: West Palm Beach-Boca Raton-Delray Beach, at 53.2 percent; Miami-Miami Beach-Kendall, at 52.2 percent; North Port-Sarasota-Bradenton, at 50.1 percent; Fort Lauderdale-Pompano Beach-Deerfield Beach, at 48.4 percent; and Cape Coral-Fort Myers, at 47.9 percent.